LDO price turns bearish as Lido’s unfinalized withdrawals hit all-time high
Main Idea
Lido DAO's native token LDO faces bearish pressure as unfinalized withdrawals reach an all-time high, raising liquidity concerns and causing a 5% price drop.
Key Points
1. Lido’s unfinalized withdrawal queue hit a historical high of 235,728 stETH, indicating liquidity strain.
2. LDO price dropped 5% in the past day amid growing withdrawal delays and market concerns.
3. Users may turn to DeFi platforms or exchanges to liquidate stETH, increasing bearish pressure on LDO.
4. Technical indicators like MACD and RSI suggest short-term declines for LDO, with potential further drops below $1.00.
5. Lido introduced Jumper Exchange as a withdrawal aggregator to address liquidity issues.
Description
Digital currencies displayed mixed performances on Wednesday as the market remained relatively calm in the past 24 hours. While Binance Coin led the gainers with a new ATH , Lido DAO’s native token exhibited a bearish outlook. LDO lost more than 5% of its value the previous day as Lido faces growing liquidity pressure amid skyrocketing unfinalized withdrawals. Dune Analytics data shows unfinalized withdrawal queue on the Ethereum-based liquid staking protocol soared to 235,728 on July 22, after ...
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